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Email Friends and relatives of corporate insiders who knowingly receive and trade on inside information now confront greater exposure for federal securities laws violations. On December 6, 2016, the Supreme Court held in United States v. Salman that “tippees” who trade on material non-public information may be found criminally liable even when there is no evidence of a pecuniary or tangible benefit to the insider who tipped. https://www.cadwalader.com/resources/clients-friends-memos/the-supreme-court-restores-implied-benefit-theory-in-insider-trading-prosecutions-of-downstream-tippees